Legislation to Benefit Your Bottom Line Remains in Committee: Contact Senator Carper, Senator Coons and Congresswoman Blunt-Rochester and Urge Them to Support the Main Street Tax Certainty Act of 2019!
At the New Castle County Chamber of Commerce, we engage in advocacy at all levels of government. What happens in Washington has a significant impact on your bottom line. That is why we remain in touch with senior staff and the members of the Delaware Congressional Delegation.
Legislation to benefit a substantial percentage of small businesses in our country was reintroduced in the current Congress, the Main Street Tax Certainty Act of 2019. This bill would make the 20 percent tax deduction for qualified business income permanent. Currently, that deduction, which was a part of the Tax Cuts and Jobs Act of 2017, expires in 2025. In the House, the legislation is H.R. 216, sponsored by Representative Jason Smith (R-MO, 8). In the Senate, the legislation is S. 1149, sponsored by Senator Steve Daines (R-MT).
This tax cut benefits S-corporations and LLC’s (also referred to as pass-through entities). A substantial percentage of U.S. small businesses operate as pass-through entities. This attractive tax cut is still in place; so, ask your tax professional whether your business income qualifies.
Small businesses are the backbone of our economy. Savings from tax breaks such as this allow small businesses to invest more in hiring, capital expenses, and other activities which benefit our economy on both a local and national level.
At this point, the House version is in the House Ways and Means Committee, and the Senate version remains in the Senate Finance Committee. Senator Tom Carper (D-DE) is a member of the committee.
The Chamber encourages our members to contact Senator Carper, Senator Coons and Congresswoman Blunt-Rochester to urge them to support passage of the Main Street Tax Certainty Act (S. 1149/H.R. 216).
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